Standard Chartered Grants Payment Holiday to Clients

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Standard Chartered Group said it remains committed to supporting its clients in communities which it operates, both through the current pandemic crisis and the longer-term support and renewal phase.

The bank disclosed this in a statement.

It noted that given the underlying resilience of the Group, the bank has positioned itself to help clients through the implementation of several measures to provide relief.

Speaking on the relief measures in Nigeria, the CEO, Standard Chartered Bank in Nigeria, Lamin Manjang, said: ‘‘We have put in place this comprehensive support scheme for retail and business customers, which covers loan repayment holidays. We have done this because our relationship with clients is built on trust and commitment. Our customers have trusted us to grow their investments over the years and for us providing the financial relief is just one of the many ways we continue to reiterate our dedication to them that we are truly here for good.’’

The financial institution explained that some of the measures it had put in place include a three-month payment holiday on Personal Loans and Retail Mortgages (including Business Mortgages); in terns of credit cards, clients who currently pay the total amount due on their credit card monthly, can now request to change this to a monthly payment of the minimum amount that is due on the card which is one per cent of the outstanding balance plus interest (subject to a minimum of NGN5,000), among others.